Attack on self-managed super funds not justified

I am sick of the continual attack on self-managed superannuation funds. I have had my own SMSF for over 30 years and can I dispel some myths:

1. SMSFs are not tax avoidance schemes available only to the rich. They are regulated in a very similar way as APRA regulates large superannuation funds, despite the comments by Mr Cooper (“Red flag over booming DIY super sector", AFR, March 26).

2. They are taxed exactly the same way as other large super funds.

3. They are not complicated. In the past few years, the registration fee for an SMSF has increased from $45 to over $200 per year. The reason given for the increase has been the cost of regulation and compliance. People establish their own SMSFs because they are sick of the fees being charged by the major funds and the lack of transparency. I would be more concerned about the conduct and governance of some of the very large industry funds that seem to have forgotten that their responsibility is to their members and not future political careers.